THE DAILY BRIEFING
TEAMING UP
Plane maker airbus is teaming up with Rolls-Royce to develop the engineer’s UltraFan airplane engine design, to test technology aimed at making the engines 25pc more efficient.
SALES RISE
Yorkshire chemicals firm Croda International’s sales rose 4pc in its core business during the first quarter of 2018, boosted by 7.6pc growth in personal care products. However, overall sales were hit by a 10.2pc drop in industrial chemicals.
LATE PAYERS
nine out of ten firms which supply the public sector have been paid late, a survey by the Federation of Small Businesses reveals. it wants public sector late payers to face penalty charges.
PENSION DEAL
The owner of B&Q has handed responsibility for £200m of future pension payments to the Pension insurance Corporation. DiY business Kingfisher’s total pension programme is valued at £4bn.
PROFIT JOY
Profits climbed to £62.9m in the first three months of 2018 at Swedish lender Handelsbanken, up 33pc on a year earlier. The bank has 208 branches in the UK.
WATCHDOG BLASTED
Fund manager alan Miller who runs SCM
Direct, has rapped the Financial reporting Council for ignoring ‘alice in Wonderland-style’ accounting. He says the watchdog is stuffed with former staff from firms it regulates and has an amateur approach.
NEW JOBS
Sainsbury’s-owned Argos is creating 150 technology and digital roles to serve its customers quicker and more conveniently.
RICH REWARDS
Profits at Credit Suisse rose £800m in the first quarter of 2018 – up 57pc on a year earlier – boosted by £10.5bn of investment in the wealth management arm, which targets the ultra-rich.
CONFLICT BITES
international sales at Vimto owner Nichols are likely to be hit in the first three months of the year, partly due to the conflict in Yemen.
TOY STORY
Peppa Pig toy maker The Character Group suffered a 38pc drop in profits to £4.6m in the six months to February 28. Sales fell from £61.5m to £50.5m.